Greek property could hold profits
Over the last few years, many investors have turned away from Greek property. The countryÃ¢â¬â¢s economic problems have seen property values in the country fall while taxes on Greek homes have risen sharply.
However, new research has found that Greece could be an excellent place to buy overseas property if youÃ¢â¬â¢re looking to maximise your rental return.
Greek islands offer great rental potential
New figures published in the Daily Mail show that the average weekly rental return for a three bedroom property is higher in Greece than in many other parts of Europe. The average return in Corfu is ÃÂ£1,356, on Crete it is ÃÂ£1,103 and in Cephalonia it is ÃÂ£1,150.
This is compared to ÃÂ£972 in Tuscany, ÃÂ£660 in the Loire Valley and ÃÂ£659 on the Costa del Sol.
The newspaper reports that Ã¢â¬ËGreece rentals generally look expensive compared with the other countries. Corfu, and particularly the fashionable north-east coast where the prime minister has holidayed, is one of the pricier islands.Ã¢â¬â¢
It seems that while many people have steered clear of Greek property, it could actually be one of the best places in terms of ROI to buy
Rents on the popular Greek islands are significantly higher than many other popular European tourist destinations. And, with the prices of property in Greece falling, you donÃ¢â¬â¢t have to commit as much of your capital to generate a great rental return.Ã¢â¬Â
Rents are a little lower Cephalonia than they are on Crete and Corfu although certain popular, up-market areas such as Fiscardo command rents in excess of ÃÂ£1,400 per week.
The Greek islands certainly attract higher rents than the mainland. The research found that an average three bedroom home in the Peloponnese generated ÃÂ£841 per week in rent. While this is good in comparison to many other European destinations, it is 15 per cent lower than similar properties on Corfu and Crete.
Author : Nick Marr